Nasdaq has selected Pyth Network to expand distribution of its market data, giving developers, institutions and onchain platforms access to Nasdaq TotalView through the Pyth Data Marketplace.
The arrangement, announced on June 30, places Nasdaq among the publishers supplying data through Pyth’s marketplace and makes Pyth the first onchain network to carry Nasdaq market data.
The rollout starts with TotalView, Nasdaq’s depth-of-book product, alongside order imbalance information linked to the exchange’s opening and closing auctions.
Exchange data finds new distribution channels
Nasdaq’s decision reflects a wider shift in how financial information is delivered and consumed.
Market data that once flowed mainly through desktop terminals, direct feeds and systems built for human traders is now increasingly used by automated trading infrastructure, fintech products, digital asset venues and other applications that require data in a programmable format.
For Nasdaq, Pyth offers a route into those newer environments through a single marketplace connection, while keeping the data tied directly to the original exchange source.
The model is designed to let data owners reach software-led markets without relying only on distribution channels built for older trading workflows.
“For decades that data lived inside terminals built for people. Today’s markets are increasingly powered by software, and the data is moving to where applications are actually being built, sourced straight from the venue, on neutral terms,” said Mike Cahill, CEO of Douro Labs and contributor to Pyth Network.
Nasdaq’s full-depth data enters the marketplace
TotalView gives traders and applications a deeper look into activity on Nasdaq by showing liquidity beyond the top-of-book quote. The product provides full depth-of-book data, including quotes and orders across price levels, helping users assess market depth with more detail than a standard best bid and offer.
The feed also carries net order imbalance information tied to Nasdaq’s Opening Cross and Closing Cross, the exchange’s auction processes around the start and end of the regular trading session.
By adding TotalView to Pyth’s marketplace, Nasdaq is extending one of its key data products into environments where financial applications are built and operated directly by software.
For Pyth, the addition of one of the world’s best-known exchange operators strengthens its position as a distribution layer for first-party institutional market data.
Nasdaq adds another heavyweight to Pyth’s base
Nasdaq’s arrival adds to a Pyth publisher network that already includes major names across traditional finance and crypto, including Cboe Global Markets, Coinbase, Revolut, Virtu Financial, Jane Street, Optiver, Binance, OKX, Bybit, Wintermute and QCP Capital.
The mix of exchanges, market makers and crypto platforms supports Pyth’s push to become a direct-source data layer connecting institutional markets with onchain applications.
